The Dubai real estate market continues its upward trend

Dubai Land: 3,300 real estate deals worth 6.74 billion dirhams during January 2021

“Dubai Marina” accounted for 9.7% of residential apartment sales.

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The 11th edition of the official sales price index in Dubai, launched by the Dubai Land Department, in cooperation with the Property Finder group, revealed that the total number of real estate sales for the month of January 2021 in Dubai amounted to 3,300 sales of 6.74 billion dirhams, with a growth of 15.5% In terms of the number of deals, and 37% in terms of value, compared to the same month of 2020.

An uptrend

A statement issued yesterday stated that the index data is taken from the year 2012 as the base year, from January 2012 as the base month, and from the first quarter of 2012 a quarter of the basis.

The continuation of the Dubai real estate market shows its upward trend, attributing this to the proactive measures and incentive initiatives launched by the Dubai government, with the aim of addressing the effects and consequences of the outbreak of the Coronavirus (Covid-19), which is positively reflected in enhancing the confidence and happiness of dealers in the sector, and its environment. Investment, which supports the efforts made towards recovery and adaptation to the new normal.

The secondary market

According to the index, the market trend throughout the year 2020 witnessed continuous activity, and recorded record numbers for the secondary market / ready-made units, to continue its upward trend, as sales of this category accounted for 72% of all transactions in January 2021, while sales were off-plan. 28%.

When looking at the volume of transactions, it becomes clear that the secondary sector dealt with 2,373 properties with a total value of 5.43 billion dirhams, which is the highest number of "secondary real estate / ready-made units" that were traded in one month since March of 2014. As for In terms of sales distribution, apartments accounted for 70% of sales, while "villas / townhouses" accounted for 30%.

The last quarter

The index report pointed out that the last quarter of the year 2020 was the strongest and best performance in the past year, and contributed to the largest recovery, both in terms of size and value, through 11,65 sales deals, worth 22.07 billion dirhams.

This quarter maintained continued momentum, reflecting on January 2021, which marked a strong start to the new year.

This performance is likely to continue in February 2021, after the first week of February witnessed recording transactions worth more than 3.3 billion dirhams, including the sale of a villa worth 38 million dirhams in "Emirates Hills", and another worth 25.2 million dirhams in "Jumeirah Golf" properties.

Sales of apartments and villas

As for the sales of "villas / townhouses", "Nad Al Sheba" acquired 11.5% of the total sales, followed by "Dubailand", which recorded 11.4%, then "Meydan" 7.5%, while "Dubai" acquired Hills Estate at 6%, and Tilal Al Ghaf at 4.8%.

As for apartments, the "Business Bay" area accounted for 12.4% of total sales, followed by "Dubai Marina", which recorded 9.7%, while "Jumeirah Village Circle" acquired 9.3%, and "Downtown Dubai" the 5.6%, and "Palm Jumeirah" at 5.4%.

Searches

Searches for “villas / townhouses” during January 2021 (according to demand data from the Property Finder base) were concentrated in “Dubai Hills Estate”, “Arabian Ranches”, “Palm Jumeirah”, “Sheikh Mohammed Bin Rashid City”, Damac Hills, as the most prominent areas that attracted the attention of dealers.

As for apartments in the same period, attention has focused on: "Dubai Marina", "Downtown Dubai", "Palm Jumeirah", "Business Bay", and "Jumeirah Beach Residence".

Last January, the general monthly index recorded 1.069 points at a price of one million and 6979 dirhams, and the monthly index of apartments 1.127 points at a price of 952 thousand and 825 dirhams, while the monthly index of "villas / townhouses" scored 0.922 points at a price of one million 727 thousand and 562 dirhams.

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72% of the transactions were for the secondary market and 28% for the map in January 2021.

Apartments acquire 70% of sales compared to 30% for villas and townhouses.

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